Fraport AGM 2024: Shareholders approve all agenda items

29.05.2024 - 12:58 / traveldailynews.com / Vicky Karantzavelou

Fraport AG’s 23rd AGM saw shareholders ratify board actions and approve agenda items, with the CEO highlighting a successful yet challenging 2023.

At yesterday’s 23rd Annual General Meeting (AGM) of Fraport AG, the shareholders ratified the actions of all members of the company’s executive and supervisory board for the past fiscal year 2023 (ending Dec. 31). Shareholders also approved all other items on the AGM agenda. Prior to the shareholders’ vote, Fraport’s executive and supervisory boards reported on the 2023 business year and answered the shareholders’ questions.

Fraport CEO Dr. Stefan Schulte presented the highlights of the past 2023 business year to the shareholders at the event. Schulte says: “We are looking back on a challenging, yet positive financial year 2023. Some of the airports in our international portfolio even achieved new traffic records again. Likewise, the expansion projects underway at some of our Group airports worldwide have made great progress during 2023. The EBITDA generated by our global airport network exceeded the 2019 level by 25 percent, while in Frankfurt this figure remained 12 percent below the pre-pandemic level. This fact alone underscores the great importance Fraport’s international business has gained for our overall performance. As part of our international activities, we share our know-how with airports located in growth markets around the globe. This strategy is now increasingly paying off for the Fraport Group as a whole.”

This is particularly true given that Germany’s aviation market is experiencing the lowest recovery rates among all European countries, due to high location-related costs. CEO Schulte explains: “The proportion of levies and fees imposed by regulators in Germany has increased to over 30 percent of all location-specific costs incurred by airlines. After civil aviation taxes were raised again as of May 1 this year, the overall share of regulatory costs has now more than doubled in comparison with 2019. This is particularly counterproductive in light of our commitment to decarbonization. All of us in the aviation industry are pursuing net-zero operations but we also need the necessary financial background to do so.”

Fraport AG welcomed a total of 466 attendees to this year’s AGM – representing 82.46 percent of the Group’s capital stock. Michael Boddenberg, who chairs Fraport’s supervisory board, officially opened the AGM in the Sheraton Hotel at Frankfurt Airport at 10:00 a.m CEST. The AGM was concluded by the chair at 3:42 p.m.

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business